Coca Cola 2005 Annual Report Download - page 79
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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2: BOTTLING INVESTMENTS
Coca-Cola Enterprises Inc.
CCE is a marketer, producer and distributor of bottle and can nonalcoholic beverages, operating in eight
countries. On December 31, 2005, our Company owned approximately 36 percent of the outstanding common
stock of CCE. We account for our investment by the equity method of accounting and, therefore, our operating
results include our proportionate share of income resulting from our investment in CCE. As of December 31,
2005, our proportionate share of the net assets of CCE exceeded our investment by approximately $281 million.
This difference is not amortized.
A summary of financial information for CCE is as follows (in millions):
December 31, 2005 2004
Current assets $ 3,395 $ 3,371
Noncurrent assets 21,962 23,090
Total assets $ 25,357 $ 26,461
Current liabilities $ 3,846 $ 3,451
Noncurrent liabilities 15,868 17,632
Total liabilities $ 19,714 $ 21,083
Shareowners’ equity $ 5,643 $ 5,378
Company equity investment $ 1,731 $ 1,569
Year Ended December 31, 2005 2004 2003
Net operating revenues $ 18,706 $ 18,158 $ 17,330
Cost of goods sold 11,185 10,771 10,165
Gross profit $ 7,521 $ 7,387 $ 7,165
Operating income $ 1,431 $ 1,436 $ 1,577
Net income $ 514 $ 596 $ 676
Net income available to common shareowners $ 514 $ 596 $ 674
A summary of our significant transactions with CCE is as follows (in millions):
Year Ended December 31, 2005 2004 2003
Concentrate, syrup and finished product sales to CCE $ 5,125 $ 5,203 $ 5,084
Syrup and finished product purchases from CCE 428 428 403
CCE purchases of sweeteners through our Company 275 309 311
Marketing payments made by us directly to CCE 482 609 880
Marketing payments made to third parties on behalf of CCE 136 104 115
Local media and marketing program reimbursements from CCE 245 246 221
Payments made to CCE for dispensing equipment repair services 70 63 62
Syrup and finished product purchases from CCE represent purchases of fountain syrup in certain territories
that have been resold by our Company to major customers and purchases of bottle and can products. Marketing
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